Kistos posts stronger interim earnings as net debt falls and Oman assets add to growth

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Kistos interim earnings, net debt

Highlights

Kistos reports interim pro-forma EBITDA of $205 million and revenue of $290.2 million for H1 2026, with cash and near cash at $259 million.
Adjusted net debt declines to $23 million from $86 million a year earlier, driven by production of 20,800 boepd and unhedged average realised oil prices of $98 per barrel.
Completion of Oman Blocks 3 and 4 on 14 September 2026 and expected Block 9 completion later in the year support ongoing portfolio and production growth.

Interim results show stronger cash flow

As reported by London Stock Exchange, citing the Regulatory News Service, Kistos announces unaudited interim results for the six months ended 30 June 2026, with pro-forma EBITDA of about $205 million and revenue of $290.2 million.

The company says cash and near cash stands at $259 million, including $128 million of unrestricted cash, $95 million held in escrow for the Oman acquisition, and a $36 million Norwegian tax rebate expected in December 2026. Adjusted net debt falls to $23 million at the end of the period from $86 million a year earlier.

Kistos says first-half production averages 20,800 barrels of oil equivalent per day. It adds that average realised oil prices reach $98 per barrel and average realised gas prices come in at $82 per barrel of oil equivalent, helping support revenue and EBITDA while the group remains fully unhedged.

Portfolio growth supports second-half outlook

The company says the first half of 2026 marks a period of continued operational delivery and portfolio growth, with production running in line with guidance across its assets. Andrew Austin, executive chairman, says strong operational performance and cash generation support the outlook for the rest of the year.

In Norway, Kistos says ongoing drilling activity and further development in the Balder area are expected to contribute to continued production growth. The company also says completion of Blocks 3 and 4 in Oman occurs on 14 September 2026, while Block 9 is anticipated to complete in the second half of 2026.

Kistos describes the announcement as containing inside information under Article 7 of the EU Market Abuse Regulation, adding that the information enters the public domain on publication.

In our earlier report on the diesel price surge and elevated refining margins, we described how tight global middle-distillate supply—driven by disruptions to refining assets and logistics—pushed U.S. diesel prices above $6 per gallon. We also noted that with refineries already operating near full capacity, the market’s strength was being sustained more by constrained fuel output and strong crack spreads than by crude prices alone.

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